Homeowners in the UK are increasingly using their properties like a bank account by taking advantage of low interest rates and remortgaging to free up cash, according to the latest figures from broker group Mortgage Advice Bureau.

The number of remortgage applications in July was up 35 percent on the previous year, according to data from more than 700 brokers and 900 estate agents, reports the Daily Mail. MAB said those remortgaging have increasingly opted for fixed-rate deals, with 89.7 per cent of these loans on a fixed-rate basis. The typical remortgage loan topped £170,000 ($367,000 AUD) for the first time in July.

"Mortgage rates have been tumbling since the beginning of the year, and many borrowers have jumped at the chance to secure a low-rate deal," said MAB's Brian Murphy. 

For the past six years, the Bank of England base rate has sat at a record low of 0.5 percent, but Bank of England governor Mark Carney has said the first official interest rate rise since 2007 could come at the end of this year.